Cash Receipts from Sales during Demonetisation cannot be added As Income if No Defect in Stock of Assessee

ACIT Vs Hirapanna Jewellers (ITAT Visakhapatnam)

In the instant case the assessee has established the sales with the bills and representing outgo of stocks. The sales were duly accounted for in the books of accounts and there were no abnormal profits. In spite of conducting the survey the AO did not find any defects in sales and the stock. Therefore we do not find any reason to suspect the sales merely because of some routine observation of suspicious nature such as making sales of 270 bills in the span of 4 hours, non avail

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